The Board of Trustees of the Sheet Metal Workers' National Pension Fund - Page 7




                                        - 7 -                                         
          As a result, in October 1991, the original COLA Fund was amended            
          to provide for a 1-percent cost-of-living benefit.  In December             
          1991, the COLA Fund paid .96 percent as a COLA benefit, and the             
          NPF Fund paid 2.04 percent.                                                 
               In March 1992, petitioner adopted a new article 8 that                 
          formally added the NPF COLA to the Plan, effective retroactively            
          to January 1, 1991.  Initially, the March 1992 amendment provided           
          that the NPF COLA would equal the difference between 3 percent              
          and the amount paid from the COLA Fund.  In October 1992, the               
          Plan was restated retroactively to January 1, 1991, to provide              
          for a 2-percent benefit (subject to minor adjustments) that was             
          not dependent on the amount paid from the COLA Fund; it was                 
          anticipated that the COLA Fund would pay a 1-percent benefit if             
          it had sufficient assets.  The new article 8 provided NPF COLAs             
          to all eligible employees without regard to whether the NPF COLA            
          provision was in effect when the eligible employee retired or               
          separated from service.  Thus, plan participants who retired or             
          separated from service before January 1, 1991 (pre-1991                     
          retirees), were provided with the NPF COLAs.                                
               Pursuant to the Plan’s amendments, the NPF Fund paid for the           
          respective years from 1992 through 1994 a COLA of 2 percent, 2.2            
          percent, and 2 percent, multiplied by the number of years (up to            
          15) that the pensioner had received a pension from the Plan.  NPF           








Page:  Previous  1  2  3  4  5  6  7  8  9  10  11  12  13  14  15  16  17  18  19  20  Next

Last modified: May 25, 2011